Power of a good/ service to satisfy human desire/want is called____________________?

“Economics is the study of causes of material welfare” was defined by___________________?

A. Adam Smith

B. Marshall

C. Robins

D. Marks

Total money income received by the individual or recipients of income is called____________________?

A. Gross income

B. Net income

C. Personal income

D. None of above

All the goods and services produced in a country in a year plus other sources of income for example foreign exchange earnings, foreign aid, foreign remittance, loans etc are called ?

A. GDP

B. NNp

C. NDP

D. GNP

The sale of products below sale of production in a foreign country or below the prices charged at home is called ?

A. Dumping

B. Subsidy

C. Inflation

D. Monopoly

An increase either in real output (GDP) or in real output per capita is called___________________?

A. Economic development

B. Economic growth

C. Growth rate

D. Economic efficiency